New Market Tax Credits
The New Market Tax Credit (NMTC) program permits taxpayers to receive a credit against Federal income taxes for making qualified equity investments in designated Community Development Entities (CDEs). Substantially all of the qualified equity investment must in turn be used by the CDE to provide investments in low-income communities. Learn more about this program here.

Tax Abatement Program
This program, administered by the City of Norfolk Real Estate Assessor’s Office, offers taxpayers an opportunity to improve residential, commercial or industrial structures and not pay full taxes on those improvements for 14 years. Learn more about this program here.

Performance-Based Grants
In order to be considered for a performance-based Economic Development Incentive, the program must meet the following criteria:

The projest must represent a significant capital investment

The project must be a significant job generator

The project must be a catalyst for future development

The project cannot be completed to the City's standards without assistance

Grants are funded annually, based on a predetermined sharing ratio, by the City of Norfolk through the EDA.